US May job numbers surprise to upside; bond yields surge

Summary: US non-farm payrolls up 272,000 in May, above expectations; previous two months’ figures revised down by 15,000; jobless rate ticks up to 4.0%, participation rate declines to 62.5%; US Treasury yields rise sharply; expectations of Fed rate cuts soften; employed-to-population ratio slips back to 60.1%; underutilisation rate steady at 7.4%; annual hourly pay growth rises to 4.1%. The US economy ceased producing jobs in net terms as infection controls...

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